1962 vintage Submariner 5512 Gilt PCG lucky pick up.........

[Neil.C]

I posted here last year about a 105.003-64 Ed White Speedmaster I bought at auction, no one bid so a private deal was agreed between the auctioneer and myself, it was a complete bargain, did I feel guilty - no, previous owner knew what he had as he compiled a folder of its originality and must have gave the auction house a minimum sell price.

A lot of “bargains” simply come down to the buyers knowledge, if you’ve studied, researched and have a passion for something is it for you the buyer to tell the seller what they have??
It’s questionable, if your at a car boot and an old lady is selling a Newman Daytona the right thing to do is tell her it’s worth £200k but how many here would do that, I think I would but when your on the spot you have to make a quick choice and question yourself after, an AD or auction house on the other hand should know better..

Funnily enough I think I got tucked up at an auction over a Speedmaster a while back.

It was a 176.002 and to be fair I was a bit silly and put a £500 reserve on it expecting it to go much higher as the auctioneer had a good track record and it was a watches only auction.

Apparently it didn't sell which I found hard to believe and then the auctioneer said he had sold it to somebody after the auction for £500!

I was a bit cheesed off and suspected foul play but couldn't really complain at the end of the day.

You never know what goes on behind the scenes.

[number2]

I'm glad the beating around the bush has come to an end and people are straightforwardly accusing the OP of being a liar. These newbies of only...

*checks OP's records*

...these newbies of only 17 and a half years standing need to know their place!

Let me see if I've got this right,
Old guy walks into Rolex AD, buys new Submariner and trades in old Submariner - which the OP subsequently buys (quickly), sends it straight off for a full fettle and we all go - ooh ahh, but wouldn't the old Sub be worth more than the new?
Wouldn't the AD, have had the old Sub fettled themselves for a profit, or advised the old dude accordingly?
If I'm besmirching the good reputation of the OP and he was simply the benefactor of a generous - nay philanthropic AD then apologies.

[murkeywaters]

Funnily enough I think I got tucked up at an auction over a Speedmaster a while back.

It was a 176.002 and to be fair I was a bit silly and put a £500 reserve on it expecting it to go much higher as the auctioneer had a good track record and it was a watches only auction.

Apparently it didn't sell which I found hard to believe and then the auctioneer said he had sold it to somebody after the auction for £500!

I was a bit cheesed off and suspected foul play but couldn't really complain at the end of the day.

You never know what goes on behind the scenes.

That did sound cheap, bet he took his cut out the £500 too!
As a buyer all you can do is get the best deal for yourself from the auctioneer, if no bids come in then it does help the buyer strike a better deal if your there in the room and of course they want to sell, in my case the auctioneer dropped all his selling fees which is what dropped my Speedmaster to bargain level, I’m sure he still charged the owner his fee though..

Thing is it’s easy to overpay in a bidding process or come unstuck with a watch having fake/aftermarket parts, I have seen enough disingenuous lots set up to catch out the unsuspecting buyer, with this in mind I don’t feel guilty getting the odd bargain..

[Onelasttime]

I'm glad the beating around the bush has come to an end and people are straightforwardly accusing the OP of being a liar. These newbies of only...

*checks OP's records*

...these newbies of only 17 and a half years standing need to know their place!

No one, I think, is accusing the OP of anything.

It's more a case of trying to work out how a supposed Rolex AD didn't know that the old fella's watch was worth considerably more than the new Sub he subsequently took away.

But then the OP seems to indicate he got a bargain so maybe the AD was completely useless after all?

It's a mystery

[RAJEN]

I imagine there are a lot of people on this thread who go to car boot sales and find good bargains tell the seller- No sir, this item is not worth £5. I would like to pay you £50 for it.

[OliverD]

Let me see if I've got this right,
Old guy walks into Rolex AD, buys new Submariner and trades in old Submariner - which the OP subsequently buys (quickly), sends it straight off for a full fettle and we all go - ooh ahh, but wouldn't the old Sub be worth more than the new?
Wouldn't the AD, have had the old Sub fettled themselves for a profit, or advised the old dude accordingly?
If I'm besmirching the good reputation of the OP and he was simply the benefactor of a generous - nay philanthropic AD then apologies.

I think the most likely scenario is the AD didn’t know it’s value.

AD’s generally sell new watches. It’s not necessarily obvious that this ratty old sub would be worth many multiples of a new one if you’re not interested in vintage watches.

[number2]

Oh good, we've reached the stage where we're comparing apple's and bicycles.

[number2]

I think the most likely scenario is the AD didn’t know it’s value.

AD’s generally sell new watches. It’s not necessarily obvious that this ratty old sub would be worth many multiples of a new one if you’re not interested in vintage watches.

Yep, giving the benefit of doubt you're probably right

[Wallasey Runner]

I imagine there are a lot of people on this thread who go to car boot sales and find good bargains tell the seller- No sir, this item is not worth £5. I would like to pay you £50 for it.

I was in a charity shop a few years back and they had a set of those Nat West pig money boxes in a cabinet for peanuts. I could of scooped them up, but instead told the manageress what they were and that they were grossly under priced. I advised her to withdraw them from sale and get someone to check out the prices and correctly price them. She thanked me and I left the shop.

[seadog1408]

I was in a charity shop a few years back and they had a set of those Nat West pig money boxes in a cabinet for peanuts. I could of scooped them up, but instead told the manageress what they were and that they were grossly under priced. I advised her to withdraw them from sale and get someone to check out the prices and correctly price them. She thanked me and I left the shop.

Exactly, not everyone is after a quick Buck, hence most of us aren't posting from a prison cell.

[number2]

I suspect that most of us have never been in one

[Umbongo]

I suspect that most of us have never been in one

Yes. That was quite a dramatic comment wasn't it...
If you see a bargain you go for it. Dealers aren't exactly on our side pricing-wise!

[Mr G Imp]

I imagine there are a lot of people on this thread who go to car boot sales and find good bargains tell the seller- No sir, this item is not worth £5. I would like to pay you £50 for it.

If it’s anything like the boot sales I’ve been to they normally say “no sir the item is not worth £5 I will give you 50p”

[Mr G Imp]

I was in a charity shop a few years back and they had a set of those Nat West pig money boxes in a cabinet for peanuts. I could of scooped them up, but instead told the manageress what they were and that they were grossly under priced. I advised her to withdraw them from sale and get someone to check out the prices and correctly price them. She thanked me and I left the shop.

Half the interesting or valuable stuff in charity shops doesn’t make it into the shops nowadays, the managers sell direct to trade or auction/eBay it and they get a lot of good stuff...some slips through though and the hoovers hoover.

[pacifichrono]

As the buyer (and seller) of nearly 1,000 watches over the last 20 years, mostly vintage, I have zero sympathy for a Rolex AD who cannot value any vintage Rolex with reasonable accuracy. These guys have expert contacts that can give them quotes within hours...especially on a 25k+ timepiece. Trade-ins of vintage Rolexes are part and parcel to their business. If they miss on a valuation, shame on them!

I didn't read anything in the OP's descriptions that suggest the old man was taken advantage of in any way, except possibly due to the AD's incompetence.

Cheers to the OP on a bargain purchase, which is what most of us are seeking in our watch purchases!